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Nigerian Blockchain Startup SureRemit Raises $7 Million in Biggest African ICO To Date

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Sureremit ICO

SureRemit, a Nigerian blockchain startup, has raised $7 million during its token sale held from December 8th to February 8, 2018, to develop its non-cash remittance platform.

A Succesful African ICO

SureRemit, which is majority owned by GreenHouse Capital, a Nigeria-based fintech holding company, utilises blockchain technology to allow diaspora Africans to make non-cash remittances to their families back home.

This is facilitated by the Remit token (RMT), a utility token designed on the Stellar Network. RMT tokens are used within the SureRemit platform and can be transferred between users. The tokens can be supported by wallets and traded on exchanges that already host Stellar lumens.

The Remit tokens were floated to early investors during the Pre-ICO at the start of the year. Pre-sale investors benefited from a 40 percent discount on RMT tokens which are presently retailing at 50 RMT for $1.  According to SureRemit Director, Samuel Biyi, participants in the ICO can expect the platform to use the funds raised to ramp up its operations by adding more merchants to its network. The company also plans to grow its team and bring in experienced professionals who can build and manage merchant relationships.

In an interview with E-Labz, Samuel Biyi acknowledged they have been attempts in the past to create non-cash services for different use cases but SureRemit has now applied the concept to the remittance sector. He states:

“We are looking to be the first coordinated effort into creating the product that is specific to that use case (non-cash remittance) not just you know becoming a hybrid of something else so we are aggregating local, physical merchants as well as utilities and channels [….] so I think we are the first major effort at running a global non-cash remittance platform.”

RMT tokens will be used within the SureRemit ecosystem to access vouchers and pay bills. Users will be able to create an order for a voucher to be delivered to the recipient via SMS or email, by selecting a country and the right merchant category and paying for the process using their Remit tokens. Upon receipt of the order, the token will be frozen until the voucher is sent from the SureRemit system. Once that occurs, the token is transferred to SureRemit.

Diaspora users can purchase instant shopping vouchers and pay utility bills for friends and relatives across Africa. For seamless remittances, the company relies on its merchant network in Nigeria, Rwanda, and Kenya, together with international partners to send e-vouchers that can be redeemed for goods and services at any of the affiliate merchants.

Attracting Top Investors

A number of prominent cryptocurrency investors participated in the funding round including Hashed, South Korea’s largest cryptocurrency fund. Hashed’s decision to back SureRemit’s pre-ICO token sale signals a growing interest for corporate investors in the potential of blockchain technology to solve remittance challenges in emerging markets where the large swathes of the populace remain disconnected from financial services. The fund has previously supported blockchain-based projects like Ethereum, Simple Token, and Airswap.

Kelechi Nwokocha, a member of the GreenHouse investment team, mentioned in a New Telegraph Online article,

“The implications of growth capital outside of equity financing is huge. It means SureRemit can scale its operations without additional capital from existing shareholders. SureRemit is just one of our 10 fintech enabled portfolio companies that can potentially leverage blockchain to address a specific market gap, particularly in Africa. We’re happy to take the lead on blockchain and cryptocurrency implementations on the continent.”

SureRemit aims to in the future integrate RMT tokens acceptance directly to the network’s partners, which in turn they can convert to fiat money and thus enabling token transfers to happen directly to the merchant’s balance.

The SureRemit ICO has been the most successful token sale in Africa to date and will likely encourage more offerings of this kind on the continent this year.

Blockchain Technology

BanQu is Leveraging the Blockchain to Give Refugees a Digital Identity

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BanQu

BanQu, a software company focused on eradicating global poverty, is leveraging blockchain technology to provide refugees with a digital identity so that they can continue to take part in society.

Linking Refugees to the Global Economy Using Blockchain Technology

Refugees and displaced persons can continue to live their lives independently thanks to the BanQu blockchain-based solution, which allows them to store their information on a distributed ledger. That means that with their information digitally stored and accessible from anywhere, they can look for jobs, apply for loans, and run their own businesses, thereby, contributing to the host country’s economy.

Hamse Warfa got the idea for this solution after experiencing the refugee life in the Daadab Refugee Camp in Kenya. After escaping Somalia with his parents during the civil war at the age of twelve, Warfa knows how it feels like to have one’s life turned upside down so suddenly, Fair Planet reported.  His parents, once thriving business people, were now dependent on charity.

“I want all refugees to be able to build transaction-based economic identities that allow them to thrive, including getting loans, and accessing credit for things like businesses and eventually homes. BanQu is for the world’s poor, refugees, and stateless people so they can live their lives like the rest of us,” Warfa stated in an interview.

How it Works

BanquTo use the BanQu blockchain solution, a user creates a digital profile via a mobile phone where they enter their information. A third party, who must also be verified, verifies this information, which is then stored on the blockchain. A user can access his or her information at any time.

Users can also store their financial transactions, health records, education records, and credit histories on the BanQu app, thereby, enabling them to participate in the global economy.

Furthermore, the BanQu blockchain solution also benefits organisations and governments that interact with refugees. For instance, the BanQu platform allows governments to track aid resources that have been disbursed to the target population.

More than 25,000 people across four continents are using the BanQu solution and the company is striving to reach more than 100 million underprivileged people by 2028.

Dr Riby Okoth, a lecturer at the School of Security, Diplomacy, and Peace Studies at Kenyatta University in Kenya, said: “Having the refugees, for example, use their digital footprint to access financial services or job opportunities as the rest of the population not only reduces the culture of dependency but also opens up the global economy to more participants who are growing it rather than depending on it.”

According to the UNHCR, there are about 68.5 million people displaced from their homes and among them about 25.4 million refugees and approximately ten million stateless people.

With BanQu’s blockchain solution, these people could have the chance to live normal lives where they can access education, healthcare, loans, and employment.

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Blockchain Technology

Vodafone Ghana Introduces Blockchain Programme for Technology Students

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Vodafone Ghana

Vodafone Ghana in collaboration with IBM, HackLab Foundation, and Stanbic Bank has introduced a blockchain technology programme for technology students at the Kwame Nkrumah University of Science and Technology (KNUST). The aim of the programme is to promote digital innovation in Ghana.

The Hacklab Foundation Hackathon

The blockchain programme took place at Hacklab Foundation’s hackathon held on April 19, 2019, at KNUST. The programme was based on the theme: “Can blockchain technology transform the services sector?”

Hacklab Foundation is a non-profit organisation based in Ghana that instills skills in the youth in preparation for the job market while connecting them to potential employers.

Vodafone GhanaAs GhanaWeb reported, the hackathon attracted 600 developers from more than 18 institutions across Ghana with the purpose of finding blockchain-based solutions for the country’s market and for the entire continent. Vodafone Ghana will help the developers that had the best solutions from the hackathon to execute their ideas.

“Our status as a leading telecom company in Ghana means we have the power to drive change in our society and this is one of the many avenues we are deploying to accelerate Ghana’s digital journey,” said Vodafone Ghana’s Enterprise Business Director Angela Mensah-Poku.

According to a statement from Vodafone Ghana, the blockchain technology programme will revolutionise how student developers think.

“Blockchain technology is a very fascinating concept which has captured the attention of the world and this hackathon is a demonstration of our commitment to lead a digital revolution in Ghana. We are always excited about the opportunity to unearth young talents in the digital technology sector,” Angela added.

Promoting the Digital Revolution in Ghana

Vodafone Ghana has been promoting the digital revolution in Ghana for more than three years, the telco company said in the statement. This has been done through the implementation of a digital strategy that is all-inclusive. Vodafone implements its strategy through annual hackathons, national digital coding, and the youth skills and jobs portal.

Vodafone Ghana was recognised as a digital leader at the Ghana Business Awards in 2018.

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Mauritius-based Horizon Africa Launches Blockchain Education Platform for Africans

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Horizon Africa

Mauritius-based technology firm Horizon Africa has launched a new platform aimed at educating Africans about blockchain technology and encouraging startups, corporations and public sector institutions to utilise it.

An Ethereum-based Network for Africa

Horizon AfricaHorizon Africa is an Ethereum-based blockchain platform that offers blockchain solutions and facilitates DApp development. The Horizon Africa Blockchain Network (HABN) aims to apply blockchain to a number of industries including fintech, digital healthcare, education, governance and more.

According to the company’s co-founder, Suyash Sumaroo,

“Even though the public Ethereum (blockchain) has been available for years, the blockchain landscape in African countries has not developed much. There is a gap which is being filled by Horizon Africa. Its focus is not about creating a network or increasing the value of its token, but instead to allow people to learn about using the network. Building prototypes and ultimately real solutions is a large part of the mission,” he stated in an ITWeb Africa interview.

To make this dream a reality, Horizon Africa aims to involve African developers in the creation of blockchain solutions. The HABN network will provide a ‘test bed’ for local developers to design and deploy DApps that solve specific challenges in areas such as identity management, land registry, supply chains, gaming, and agriculture.

Sumaroo believes the uptake of blockchain-based products in Africa will increase within five years. He argues that Horizon Africa’s platform will play an important role in enabling African companies, startups and governments to learn about the technology, develop an implement blockchain systems.

Investing in Jobs of the Future

The platform launch comes after comments shared by the President of the African Development Bank (AfDB), Akinwumi Adesina, at the 2019 Mo Ibrahim Governance Week, where he urged African governments to move away from “investing in the jobs of the past, but rather in the jobs of the future.”

He stated that Africa should position itself to maximise on the opportunities brought by digital technologies such as blockchain, AI, big data analytics, and 3D printing. Sumaroo mirrors the same belief and reiterates that blockchain technology will play a critical role in industries such as finance, agriculture and the public sector in the future of Africa.

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